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FOX Business
Sep 26, 2012 7:00pm EDT
goes down? do we want four more years of trillion dollar deficits? i don't believe we can afford four more years like the last four years. lou: a new report highlights governor rome -- governor romney's criticisms showing household incomes fell by an average rate of more than 8%. the census bureau revealing the number of people in poverty rose by 3 million in the first three years of the obama administration. we'll take all of that here tonight with former economic adviser to president reagan, economists, author laffer, and digital politics editor, and former bush adviser brad blakeman to separate facts from fiction in the world of presidential polls and strategies. early voting has presidential votes cast in more than half the country by next week. shannon has our report. the president's poll numbers in ohio getting a boost from stronger economic numbers, but there's head winds pressuring the campaign. the white house chief correspondent, ed henry, reports. >> since early voting starts tuesday here in ohio, it was a familiar script for president obama on his 29th visit to the buckeye
CNBC
Sep 28, 2012 4:00am EDT
. that's the plan to reach the deficit target. that's the best case scenario because the budget is based on a growth assumption of 0.8% which seems to be far too optimistic. plenty of private economists believe the french economy won't grow more than 0.3% next year. in that case, the government will need to find an additional 5 feweuro of spending cuts on t of what will be announced today. the budget will include one very symbolic measure, new tax rate of 75% for people earning more than 1 million euros per year. it will be implemented only on around 2,000 people and it will raise only 200 million euros. so that's a symbolic measure that the prime minister has been clear already saying that it was a patriotic contribution to help the country recovery. also the government will confirm today probably that the bracket for the income tax in france won't be adjusted anymore to the inflation. that seems to be technical, but it means that with the same salary next year, people here will pay much more taxes than they used to pay. so basically, yes, it's focused on a tax increase. it's really imp
CNBC
Sep 27, 2012 6:00am EDT
to get the deficit down to 4.5% deficit. quite frankly, that is pie in the skil according to pretty much all the analysts and the economists. and it's just a question of how much they'll miss by. because this economy is enacting extreme austerity, and this debate is relevant whether it's obama or romney. is austerity actually denting growth, is it creating more problems than it solves. let me give you one example. we have a sales tax in this country that has been raised from 16% to 18% to 21%. that has created a slight inflation issue. now, pensions are inflation linked. and this country in november has to increase pension abouts by inflation. so by raising 2.5 billion euro v.a.t., it will cost them 3.5 billion euro misincreased pension costs. so you can see the conundrum. they're enacting enormous amounts of austerity, but that's denting an economy which is already in recession. its second since 2008. and things are getting worse. 25% unemployment, a million up sold homes. and we haven't even talked about the banking crisis and the autonomous region, some of which including catalonia ar
CNBC
Sep 27, 2012 4:00am EDT
. the 2012 budget had 64 billion euros worth of austerity built into it. that was designed to get the deficit levels right back to those iconic levels, but they missed on their deficit star get last year and they'll miss on this year. they're hanging on to #.5% bond you this believes if not reable because austerity on top of a recessionary environment is a toxic mix. >> the ecb saying spanish bank deposits down 1.1% on the month in august, which means they're now the lowest level since april 2008. and we've got a prime minister there who has effectively said to the markets come out and short me because we're not going to go for a bailout unless webo costs go higher. and he's trying to delay aid until after the catalonia elections. and that seems like a pretty thin tight rope to walk. loan i. >> and we'll get the report on just how much money the banks need. it is suspected it will be in the 60 billion plus. but the elections on october 21st, that's rajoy's own province. and then you have the cat lo loaniloa loanian region think they're the richest region giving too much to the others. the res
CNBC
Oct 1, 2012 4:00am EDT
have started looking over. we got current account deficit and that taps at 3.9%. was at about 4.5%. in the quarter gone by, there was a surplus of close to about $5 billion. and we just got the august trade data out, as well. imported out about 5.1%. and august trade data is more or less in line. on that note, it's back to you again. >> all right. thanks for that. gold a bit of a boost in the run up to qe being launched since -- >> yeah, consolidating. i guess we've seen a pretty positive correlation between qe and pursuing months. so i think we'll see it push higher. as we see the race to the base, it can only be good for the gold price and obviously an even more interesting place, the gold miners. >> i just want to point out this tie isn't because i'm long gold. it's actually because i'm supposed to be matching, see that, this is the -- >> you need to be in a blue tie. >> there's some yellow in there, fwr greg. should have worn a yellow shirt. >> next time. >> not that you should take any fashion advice for me. so what about the reaction to that chinese data? li has the detail
CNBC
Oct 2, 2012 4:00am EDT
will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash between slowing chinese growth and fed action? >> that's a good question. because i think it's a big one. i think we're not three weeks into qe-3 yet and the populous mind set of the markets is that we're done qe-3, let's move on to whatever's next. qe-3 is in my opinion very different fr
PBS
Oct 1, 2012 4:30pm PDT
is making it easier for congress to rack up huge deficits. he also argued for the aggressive bond buying program designed to reduce interest rates and boost hiring. darren gersh reports. >> reporter: you can expect to be hearing a lot from ben bernanke is the coming months. having pushed the federal reserve to adopt an aggressive and open-ended asset purchase program, the chairman is now defending what he did and why. and bernanke says he won't change course before many more americans are back at work. >> we expect that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economy strengthens. >> reporter: economists at barclays read the chairman's remarks to mean the central bank will keep buying treasury bonds at current levels into the coming year. >> it represents urgency for the fed. obviously, purchasing at about $85 billion per month and operating across a wide range of interest rate markets suggests the fed is indeed trying to push this faster while unemployment remains high. >> reporter: conservatives have gone after bernanke
CNBC
Sep 25, 2012 3:00pm EDT
to curb out debt and deficit. but the president is ahead on who's better to get the economy back on track. steve liesman is here with the disconnect. >> we've been puzzling over this all day. i want to show you the results we have from our national survey of 800 americans. take a look on the economy. who would be better over the next four years. first of all, we asked people, are you better or worse with compared to the last four years? no question here. 55 to 27 definitively, things are worse. what about who's better over the next four years? obama beats romney by nine point. that's more than other surveys out there. caution here, weak survey. other surveys more interested in the political side. they survey registered and likely voters. how about jobs? six to two, worse on jobs. who's better? obama wins. the one place where romney wins is as maria said, on the next one, on the deficit. overwhelmingly, people think the deficit is worse than it was four years ago. they're right. they say romney, only within the margin of error, which is 3.5%, plus or minus on this poll. take a look at the
CNBC
Sep 27, 2012 4:00pm EDT
market companies? and what do we do about the deficit? >> john, it's great to have you on the program. thank you so much. >> thanks, maria. >> john thain joining us as chairman and ceo at cit. let's get to brian shackman. >> fascinating to look at this. they beat on eps and revenue. the the revenue was 6.67. take a look at the stock. it is dropping and continues to drop. now down 4%. it's been a percent every two minutes during that thain interview. we were looking at margins, looking at china, and the u.s. margins were compressed. that's a negative. china was better than expected. that's not offsetting things. u.s. was better than expected. that's not offsetting things. europe was supposed to be up 3.4%. it was down 5%. they paid more in taxes. their sg&a means they're spending more than they're taking in. it's a mixed bag. >> all right, brian. thank you so much. meanwhile, we told you research in motion out with earnings. the stock is soaring in the extended hours trading session. what does that mean to investors in we have the analysis on r.i.m. next. >>> and would you spend twice
CNBC
Sep 28, 2012 4:00pm EDT
, then there's no way we're going to deal with a $16 trillion debt and $1 trillion a year deficit. >> medicare, medicaid, social security. fe forget about that. >> this is a no-brainer. first of all, look on your cell phone bill with the tliline tha says universal service fund or fee. you're paying for this. you need to call your member of congress, your senators, call anybody you can and tell them to get on board with killing this program. i have been shocked at how hard it's been to convince people. a lot of that's because people don't know. but you're helping educate them. >> on the cell phone, it says universal fee, universal services fee. that's the cost that taxpayers are paying so that low-income folks can get these phones. that's what we should be looking for. just to be clear, they're not just getting a free phone, but free service. >> it's the service. what happens is the government pays the service and the phones are often given by the provider. that's right. >> all right, congressman. great to have you on the program. we'll be watching this developing story. really an extraordinary
CNBC
Sep 25, 2012 4:00am EDT
bonds because they now have a pension deficit. that's nonsense, of course. what's happening on the corporate side? they're awash with capital. are we also getting less issuance and how much more money do corporates need to have? >> what's interesting is the eurozone credit market is shrinking year on year which is the first time it's done that for a long time. there's not only less issuance, there's less coming out to meet, retiring effectively. corporates as kelly said earlier, the economic outlook is not rosy. the motivation to carry out m&a activities is relatively low. so i expect the trend to continue. >> and the quality they're issuing isn't all that great either. >> the good quality have all the cash they need. so, you know, they don't need any who are. >> most of them have the cash. i think the good quality borrowers can borrow really easier. there's huge 2k3457demand for h the spreads are tight. >> angela merkel and mario draghi are both delivering speeches in berlin today. organized by the bdi which represents large and small enterprises, the day of industry is int
FOX Business
Sep 26, 2012 1:00pm EDT
democrat bonn the president's deficit reduction committee with alan simpson and pretty good and we should point out he is there too but the president ignored a lot of his -- [talking over each other] >> he is seen as a guy who can bring democrats and republicans like him. the other guy out there whose name is bounced around and bounced around for four years is the ceo of black rock. i consider him a friend. the upside to larry is clearly there is no smarter guy on wall street that i know. he saw between trading and an entrepreneur. and associated -- the obama administration -- there's a european financial crisis, he understands financial instruments, and erskine bowles is a different dynamic. really going to do that. you want to make a deal with republicans and he is the guy to do it but larry as different depending on how you approach it. the wall street firms are going around. with larry taking the job, and natural successor at black rock. i just -- maybe he does. melissa: such a massive pay cut. [talking over each other] charlie: erskine bowles is no stranger to wall street. melissa: t
CNBC
Sep 28, 2012 6:00am EDT
of spending cuts or deshl resources to meet its 2013 deficit target. and fitch is lowering its 2012 growth forecasts both for china and india. citing deteriorating outlook of the global economy. so not a great way to start the morning. >> no, not great, but i like seeing what we did -- i saw ge and i was going to tell whoever thinks that we need to kiss up to them still -- >> minority partner. >> they are. but comcast would have been a better -- or we could have done both. and did i see something that it had first quarter, second quarter, third quarter? what do i need in the fourth quarter to get to the 30%? do we hahave that anymore? is that gone? no, they don't have it. >> i saw the dow, s&p and nasdaq. >> what did it add up to? adds up to like 15 or so. >> i just saw for this quarter. >> oh, it didn't show first quarter, second quarter -- >> no. >> there are corporate headlines. people started getting plaq blackberries? >> they beat expectations. >> they lost money, they beat expectations. >> but they added subscribers. >> subscribers in developed countries. the point is a developing --
CNN
Oct 1, 2012 4:00am PDT
.s. team at the 39th ryder cup. this was aufrl. the europeans roaring bang from a 10-4 deficit late saturday to take a tuning 14 1/2 to 13 1/2 point win. germany's martin kaymer sank a putt on the final hole to seal the victory. honestly it was all lost well before that. europe has won the seven out of the last nine ryder cups. and soledad i don't know if you had a chance to watch this debacle. a debacle embarrassing. >> yes, it was killing my poor husband. all right, john, thank you. >>> back to our top story this morning. two days until the first presidential debate. both candidates are getting last-minute preparations. "the new york times" reporting that mitt romney is coming armed on wednesday night, writing this, mr. romney's team has concluded the debates are about creating moments and has equipped him with a series of zingers that he's memorized and habeen practicing on airds since august. president obama responded to that report last night with this. >> i know folks in the media are speculating already on who's going to have the best zingers. i don't know about that. who's g
FOX Business
Oct 1, 2012 11:00am EDT
the republican party has gotten lost. we cannot afford any tax cuts. we have to deal with our deficit. that will mean spending cuts for everybody. dagen: is it a mistake to run on this at all? how can you focus been on, because the issue is growth and jobs. how do you run and talk about that without linking tax policy to it somehow? the opposite would be saying we will get rid of these deductions. some people taxes will go up. that will not win you to white house, will it? >> both parties have been -- we cannot afford to give anybody anything anymore. we are broke. we are running a trillion dollars deficit. once we start paying a real normal interest rate on that 20 trillion, it will send the budget even deeper. dagen: all of what you are saying makes perfect sense. i have argued for years that the american people will not vote to pick that until they feel it is home. runaway inflation like the 1970s and skyhigh interest rates like people saw 30 some odd years ago. that is not the case today. if it was laid out just like that, do you think they would vote based on that? >> i think the
CNBC
Oct 1, 2012 4:00pm EDT
. we wanted a menu of thoughtful choices to reduce our deficit and avoid sequestration. >> go through it for us. because, you know, i guess if it were that easy, it would have been a lot simpler getting to the point where we're at. can you talk to us specifics about what you think should be cut? >> sure. that's what we wanted to do in this report. it's more than $100 billion in agriculture, more than $100 billion in energy, and as i said, in agriculture, commodity crop payments, reforming crop insurance. in energy, we'd like to eliminate the entire tight. 17 loan guarantee program which includes the loan guarantee, you know, the program that brought you solyndra. we'd like to eliminate subsidies that have gone to the oldest and most profitable energy sectors, from the intangible drilling costs to the allowance for last in, first out accounting which actually affects more than the energy sector, but it's just a boondoggle for taxpayers in the u.s. it's not something that's allowed by international accounting stanstandards. in the defense sector, there's a real opportunity for savings b
PBS
Sep 28, 2012 4:30pm PDT
about global demand. >> platinum and palladium demand is sort of in a deficit. you do have supply. you would say, well, maybe we're not producing enough. these are very difficult metals to produce. the supply constraint is such that you can't just kick new production on. as i say, it comes out of south africa. it comes out of russia, and our mine in montana. so the two metals are used primarily for the same product. and that is catalytic converters in cars. you have kind of a surging market for cars. you have the regulatory requirements stepping up in the cars. and you've got sort of this price-driven move from platinum to palladium, so the madeium is getting the bigger mrketn the cars than platinum has had in the past. so essentially the demand is really quite strong. >> tom: frank, with that cupid of demand outlook for platinum, how do you explain the price differential between gold and platinum. traditionally, as you are well aware, gold is priced per ounce below platinum but right now gold is about $100 above platinum. >> people are looking forward and saying they want something wi
FOX
Oct 2, 2012 5:00am PDT
cuts while addressing the deficit. lawmakers say no action will be taken until after november. >>> time now 5:04, the national pole is out, showing the race for the white house is still very close. according to a "c" nbc survey -- a cnn survey say they favor obama when it comes to the presidential nominee. mitt romney appeared to have an edge among likely voters. president barack obama appears to have an advantage when it comes to taxes, healthcare and foreign policy. now another pole shows the steaks are high when it comes to women voters. we will take you live to washington d.c. and we will hear how president barack obama and mitt romney are getting ready for tomorrow night's big bee bait. >>> allie rasmus joins us from outside the oakland coliseum with the celebration that followed the clencher, good morning allie. >> reporter: the team is headed to the playoffs, last night they secured one of the two wildcard spots in the american league west. with that the oakland a's beat the texas rangers and they had their hats on and there was plenty of champagne to celebrate and the party move
CNBC
Sep 26, 2012 6:00am EDT
their deficit taxes, so now they have less tax revenues, so now they have to do it all over again. what i think is funny is that rajoy has said out loud i'm only going to look for a bailout if our interest rates go up. >> and interest rates have not gone up. >> draghi does him a big favor. so he says well, i'm going to wait and see until if i really need it. when you're running the country, you're not going to ask for a bailout until you start to be choked again by the bond market. >> 6%, is that the number? is it 7%? >> i've been told 8% for spain. and these countries really can hold out for a long time. they just have to make very, very hard choices. if they seek a program which is esfs and draghi step in to start buying their debt thark can go on far very, very, very long time. greece is going along just doing tea bills every two weeks. >> what's strange is how europe goes away and the markets here forget about it for weeks at a time and then all of a sudden it's back on the play. >> i think that -- the reason it went away is draghi took cataclysmic events off the table. so they're not going
FOX Business
Oct 1, 2012 1:00pm EDT
. with deficits, federal government deficits in area of 9% per year and with the country not growing, the gdp not growing, the government debt increases about 9.5% per year. so as of next year, it will be close to about 92%. the year after that, it will be over 100%. there has to be recognition quickly they have underlying problems they need to address. tracy: but if they get their bailout, does that set precedent for the rest of the eurozone? there will certainly be other countries lining up to collect their money as well? >> it's already happened. in fact greece has asked for some support. ireland has asked for support and portugal. the basic underlying problem is that the productivity in the northern part of europe has grown a lot faster than it has in the southern part. when you're be taking about $300 worth of plastic and steel and converting it into $70,000 bmw or mercedes, and you can do that with more machines than you used to before, versus the, waiter working faster or farmer trying to grow faster, it is obvious that the product difficult rates in northern europe are growing faster
CNBC
Oct 1, 2012 6:00am EDT
. >> $80 billion? >> it's like 80 build per year. and we need to cut -- close the deficit by a trillion. we got a trillion dollar deficit and it raises like -- i think it's less. maybe 40 billion. >> are you correct, it's not sufficient. >> and he's not talking about anything else. you can keep your entitlement, keep this -- he's not talking about doing specific things with entitlements. >> you're right to this extent. he's not talking specifics on entitlements. >> it's mostly we'll tax rich people so that -- or people that make over 250 and you'll basically get to keep everything including the phones. >> joe, i thought you either wanted to talk about the last minute kick that a billy -- >> i didn't see that. oh, the redskins. >> or my terrific story on debates in the "new york times" this morning. >> it was between piece. it was a very good piece. >> i did see that. >> thank you. let me recap. >> you didn't even mention the bengals beat the redskins. >> i was going to if you brought it up. and congratses on the reds, too. they have tied the nationals for best record in baseball. so we've g
CNBC
Oct 2, 2012 6:00am EDT
looking at it with regard to krugman's piece and something to do with the deficit, is that going to be spun positively if they're working on it or more fearmongering that something really heinous will go down. >> okay. so keep sticking with what's working for now. we'll keep an eye on this. but kevin, thank you. you always keep us up-to-date on everything happening down there. >> one more quick thing i'll say. watch silver. a lot of popularity in it. we didn't get an outright sell signal, but we got very bearish divergences for silver when it made a new high yesterday. trading over $41 on ebay for silver coins. well over the price in the marketplace. so watch out for that. could be an actionable trade. >> okay, kevin. thanks for the tip. >>> if you have any questions, comments about anything you see here, squawk@cnbc.com. coming up, the chicago teachers strike back in the headlines this morning. we'll find out why next. and then ian poulter's in the building. attention golf fans ever where. >> look at that. every player's name. unbelievable. >> got to be careful. >> i don't want
FOX Business
Sep 27, 2012 4:00pm EDT
, thank you. narrowing the trade deficit and keeping manufacturing at home. the ceo of export now is telling us how his company is making it easier than ever for u.s. businesses to sell their products in china. >>> mitt romney's energy plan for drilling and mining on public lands will create millions of jobs and bring millions for state revenue. so who should be in control, the state or the feds? we'll be discussing that, coming up next. ♪ . i know the name of eight princesses. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even
CSPAN
Sep 25, 2012 5:00pm EDT
in the senate, his fiscal policies turned masses surpluses into massive deficits. the federal deficit went up $16,000 every second george allen was the united states senator. voted to raise the debt ceiling four times, voted to raise his own salary four times. now he's talking like a conservative, but his record shows he can't have another crack at it because his actions don't match his word. again, i think the right strategy is an aggregated examination of deductions rather than fighting issue-to-issue. you can have the amount or percentage vary by income or how the tax code is already. that's the most likely path to lead to success. >> we're out of time on that answer. >> can i have time to rebut? >> not according to your rules. i like more than less, but going on. >> governor allen, virginia voters are divided on whether they want the affordable care act to stay or go because it's not completely ruled out and because it's so complex. do you want to completely get rid of the law as a stands and start over on health care reform from strach or favor -- scratch or favor another method? >> i'll
CNBC
Sep 25, 2012 5:00pm EDT
. inherited a budget deficit of $27 billion. we've whittled that thing down. we're almost at balance. to get over the finish line, we need more income. that can come from the highest income earnings and one penny on a $4 purchase. that's the small sales tax. what's good about this, people get to choose. they can say no to those taxes, then we've got to cut. you can't take blood out of a turnip, as they say. we need the revenue to put into the schools or else. the people say no, i get it, and we'll manage austerity and we'll do it the best way we can. >> last question. so you say that gets us over the finish line, but doesn't the whole system need to be fixed in california with costs rising that got us here in the first place? >> oh yeah. that's why we have pension reform. we just had a dramatic change in reform in our workers compensation, and yeah, there's plenty. you find a lot of people in businesses, in churches, in universities and schools. they got flaws. and guess what, government's got some flaws. so the problems are never fully solved. got to keep at it. i've been at this business a
CNBC
Sep 26, 2012 12:00pm EDT
the announcement of the increase in the q3 spanish deficit to 4.77% of gdp and spending is out of control and they are going to have a budget released on friday and that's really all kind of spinning together. overlay that with the potential that moody's could down grade the country to junk sometime this week and that's what i was looking for. >> does anybody care what moody's thinks any more? >> i think it adds fuel to the fire. >> when the u.s. got downgraded our interest rates went down, right? i am not sure that that has a big effect anymore, at least, what's your trade and what are your levels? >> right. so i was looking for a pullback in europe. we got it to the 128.50 level. that's why i wanted to buy. this is a medium term trade. i am giving it room on the downside and the 150 stop-loss and tray profit were the highs were 1.3150. on the upside is blew through it hard and should be support on the way back down. >> do you think the rally was just short covering? >> a lot of it had to do with short covering and it is basically a situation where you are eliminating the tail risks for
CNBC
Sep 26, 2012 3:00pm EDT
tomorrow. we know it's going to have a lot of deficits. >> what happened last week when the german high court made their decision in everyone thought, this is great. now the ecb can do what they need to do. everything's going to be good. that's not the way it is at all. >> i want to tell the ceo of i-cap is making it happen. they will ask for help, won't they? those conditions are being negotiated right now. >> at some point they have to. it's still that delay, that uncertainty. we've also had a very nice run here. we're over 20% above where we were a year ago. it's not natural to have these low pull backs from time to time. >> this 3% full back from 1475 to now is like a 3% pull back. not the end of the world, but certainly something the market needs to do in order to test the support. >> you told us in the last segment that your asset allocation broadly speaking is about 61% stocks, 39% bonds. the bonds scene is something of a safe haven play here. what about those who feel that the tremendous low yields we're seeing means we're in something of a bubble? artificial bubble, maybe, forc
CNBC
Sep 27, 2012 12:00pm EDT
to be smaller or, in fact, result in deficits. those are markets that we're looking for to identify. >> kathleen, thanks for coming on. >> thank you for having me. >>> coming up, our top three trades of the day. find out which companies made the cup. plus, research in motion, dead or alive? we'll take the company's vital signs after this. shares tumbling 69% over the past year. >>> and where citigroup's head of global real estate is seeing the most upside potential. we'll hear from tom. halftime report returns right after this. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker shows you the big picture on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. want to try to crack it? yeah, that's the way to do it! now we need a little bit more..
CNBC
Sep 27, 2012 1:00pm EDT
phones and budget deficits. but you see britons as something very different, somebody unlike yourself, which is not true. >> it means great charter. >> i saw that. >> all i know is corpus christi is a town in texas. i don't know what it means. habeas corpus? jon, you're a lawyer. what does habeas corpus mean? >> i don't know. >> there's a lawyer, he doesn't know. and he's not even british. how do you like that? anyhow, moving on to the next one, right? sears and darden restaurants offering cash to buy their own health plans. the company says it's not to save money. yeah, right. but do give workers more control. i always like that when they put it in there as a more controlled kind of thing. >> that's not the purpose of an employer, to give you more control. so you know at some level this is about saving money for the company. so what that means is over the long term health care costs are going to shift to employees. this is happening in a lot of big companies. they're considering -- >> here's what our yahoo.com poll says, finance.yahoo or whatever it is. a majority of americans want to stick
CNBC
Sep 27, 2012 3:00pm EDT
're buying the entire deficit. >> do you think he's right? >> it's an important thing. you don't want to get into what we call the fiscal dominant regime where the fiscal authority or the congress and the president, they're borrowing a lot of money and the fed's role is to keep the interest rates low. that will end in tears. that is a bad policy. i'm fairly certain that none of my colleagues on the fomc are interested in going that direction. we're going to pursue monetary policy that is the right one for the nation, but it's not one that's trying to enable irresponsible fiscal policy. >> what are you hearing from business managers out there today? one of your colleagues said many times business managers are holding back from spending because of the uncertainty. they don't know what tax rates are going to be next year. do you agree with that? >> yeah, there's no question. my business contacts say the same thing here around the eighth district. the uncertainty around the future tax situation is serious. the uncertainty around the future of the u.s. economy is a serious damper on investment. i
CNBC
Sep 26, 2012 4:00am EDT
't going to help, it's only going to make it more difficult to meet deficit targets. it's only going to make it more difficult to work down that debt to gdp ratio when the denominator is also shrinking. >>> while we focus on spain and yields rising, we do have the result of this italian tea bill auction. the six-month bill auction, the yield, 1.503%. it was 1.58% at the end of august, the lowest since march. there is a contrast here between what is happening with italian auctions and spanish auction. we saw earlier this week, the spanish bill auction yields up since august. they continued to fall. they are still going lower in italy. once again, maybe the market price differently in italy and spain. >> even though italy has key elections coming up next year, we're hearing some rhetoric as to whether or not he's going to run. of course he didn't run last time, but nevertheless, here's someone who -- the potential for this event and to mark an uncertainty. italy still viewed more favorably. >> i didn't see if they rais raised -- did you see the amount? >> looks like they went for a nin
FOX Business
Sep 25, 2012 1:00pm EDT
deficit and it suggested the tax revenue down 4.6% year over year and at the same time showing the government spending goes, 8% in the month of august. doesn't sound like austerity to me or the oil traders and after they came up oil reversed direction. more worried about europe. melissa: gold is an interesting story as well. price topping out at $1,800 was the estimate and morgan stanley thinks silver will outperform. i don't know about that. what do you think? phil: i think silver will. i am bullish on gold and i think $1,800 -- we will go a lot higher. the market is consolidating after a historic run. there will be a lot of quantitative easing coming out of the table and we know that will be bullish. in the middle east, at in the consensus of the middle east. one of the things they pointed out was india demand. i am not worried about that. part of that was because they had a strike. they were upset with the jeweler's. that will rebound. with quantitative easing there will be a lot of hot money going into india. lori: i agree with what you said. phil flynn, price cooper's grou
FOX Business
Sep 26, 2012 11:00am EDT
it is the president's own deficit and debt commission recommended something similar on tax reform, bringing down all the tax rates, expanding the base and eliminating tax credits and tax loopholes. dagen: ronald reagan, he did it. and then congress messed it up. bret, it was great to talk to you as always. thank you very much. please everybody -- well i know you all watch bret at 6:00 p.m. eastern on the fox news channel every night. if you don't, well, there you have it. you know what you will see tonight and every night. thanks bret. >> thanks. connell: hillary clinton, with some comments with higher taxes on rich people around the world, not just here, everywhere. we will talk to the judge andrew napolitano and get his thoughts on that. dagen: do you want to take a look at the treasury markets too? connell: i guess. dagen: we did a whole segment on treasury yields. here you go. connell: time now for your fox business brief. take a look at shares of american greetings today, they have been surging. the company received a go private offer from a group led by a ceo. look at that 16%. the offer 17, 1
FOX Business
Sep 27, 2012 11:00am EDT
.s. and europe is we have a current account deficit in the u.s. if and when the bond tells us to get our act together, we are most vulnerable, in particular the dollar is most vulnerable and then yes we will act. but then it is going to be just as painful. connell: forced to act, money keeps coming in here rates couldn't be any lower than they are right now as the money floods into the united states as opposed to going out of it. the point is you don't see an october surprise, something out of europe that really upsets is blows up and becomes a big issue for our election? >> well, we we have a chronic condition in europe, you can consider it hurry up and wait or groundhog day. the euro is around 1.28. it is not at parity. so the market is getting used to it. the reason the market is getting used to it is because the head of the european central bank has imposed a process under the euro zone, it is a messy process, but we have to think about what standard do we hold politicians up to and policymakers and we have a mess in the u.s., in the u.k., in japan, in the euro zone. the euro is just bec
CNBC
Sep 26, 2012 9:00am EDT
we can cut the deficit and champion small business. i think you have seen a good amount of policy from our campaign and i expect over the coming weeks you will be hearing more. >> and people obviously will be looking for specifics. for instance, i know i am not going to get you to talk about what specifically or how the romney administration would make up for lost revenue, but when it comes to questions like get asked a lot in business circles like the mortgage interest deduction, can we take that off the table or call it safe? >> i think what governor romney said is first of all he is not interested in raising taxes on anyone, particularly during this difficult economic time. i think particularly for middle income taxpayers there are priorities like a tax priority for homeownership that is quite important, but the reality is if you're going to get to tax reform, which we're committed to doing, you have to look at the entire scope of tax expenditures and that's something that we have said repeatedly. ultimately, this is about leadership and what candidate is going to lead america
CNBC
Sep 28, 2012 9:00am EDT
on the rich and large companies to slash the deficit. will the wealthy flee in response? first rick santelli is working on the next hour of "squawk on the street." hey, rick. >> hi, carl. you know, yesterday when the spanish budget came out people on the floor were running around. i grabbed one of my sources and said hey. do they like it? he goes they must. stocks have rallied. when did the stock market become the validation for all economic fundamentals? we know that quantitative easing distorts stock prices. this is the topic. the real topic is lest we forget because there have been stock markets in the past like the nasdaq that have important lessons for us to learn and we'll go over all of that at the top of the hour. [ horn honks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manag
CNBC
Sep 25, 2012 6:00am EDT
in the 10% to 15% range. the deficit, the one issue of the eight categories where romney wins it but look at the huge margin. 73% of the public says it's worse than four years ago. flthis side, romney has a slight edge thank you for going backward, brian. one other issue i want to show you here, america's standing in the world, a lot of talk with the u.n. and issues of foreign policy, overwhelming margins americans think our standing in the world is worse than it was four years ago. flip on over, who is better? obama, 44-32, again, romney's support never goes above about 38% but that neither remains around 10, 11 or 12%. i want to show you the three categories where americans say things are not worse, stocks, 34% say things are better than they were four years ago, that's really interesting. i'll get more into this at 10:00. the s&p over the past four years is up 80% but only 34% of americans say their stocks are better. wages are even, 28% say better, 28% say worse, 42% say the same and this one, i thought this was interesting, personal health care access, you can say this is a success f
CNBC
Sep 25, 2012 9:00am EDT
industry, stimulus, home modification and the deficits are going up, up, up. so i blew a valve on it. what would it be like to have this president with a lame duck scenario where he has no governor, where he can do without the notion that he has to get re-elected again. do you see this as a big market issue, in terms of dividend taxes, obama care, taxes and higher fees there? >> i most certainly do. i think he's going to try to push his agenda. some people want to look back too the clinton years when he lost big time in the midterms just as obama did. >> november '93. >> clinton gave ground. obama has given no ground. i don't know there's any indication he'll give any ground this time. that's a big mistake if that's the case. i hope not. but it appears that's a real possibility. >> how times have changed. i thought mitt romney had a bit of a -- he could do a bit of a "saturday night live" skit, he had some good laughs there, but think about al gore, vice president to clinton, how often did he use president clinton when he was campaigning in 2000? >> times do change, you know. right now you
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